Yun Yan Zheng pays $1.3M for 4-unit development site in North Corona

Yun Yan Zheng through the entity Zheng, Yun Yan paid $1.3 million to Choi Yui Chan through the entity 37-13 Realty Inc. for development building (V1) at 37-60 103rd Street in North Corona, Queens.

On the lot, there is an active new building construction project. It is a new building project for a four-unit, 5,188 square-foot R-2 building developed by David Chen with plans filed January 8, 2021 and it has not been permitted yet.
The deal closed on October 27, 2022 and was recorded on November 2, 2022. The property has zero square feet of built space and 5,186 square feet of additional air rights for a total buildable of 5,186 square feet according to PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $254 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on October 16, 2015, for $1.1 million. The signatory for Choi Yui Chan was Bao Shun Chen. The signatory for Yun Yan Zheng was Yun Yan Zheng. Choi Yui Chan was identified as president of the owner entity in a 2016 filing.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yun Yan Zheng had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Choi Yui Chan had not purchased any other properties and had not sold any properties over the same time period.

The property

The 37-60 103rd Street parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 2,593 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $250,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $80 in OATH penalties in the last year.

The neighborhood

In North Corona, the bulk, or 32 percent of the 4.9 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 29 percent of the space. In sales, North Corona has had very little sales volume relative to other neighborhoods with $107.5 million in sales volume in the last two years. For development, North Corona has had very little major development activity relative to other neighborhoods.It had 207,393 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 34 commercial properties representing 20,036 square feet of the 132,216 square feet. The largest owner is Zain Munassar, followed by Juan E. Saldana and then Luis Uzhca & Rosa Uzhca.
On the tax block, there were three new building construction projects totaling 15,633 square feet. The largest is a four-unit, 5,257-square-foot R-2 building developed by Yun Zhong Sun with plans filed July 31, 2019 and it has not been permitted yet.The second largest is a two-unit, 5,188-square-foot R-2 building developed by Wei Chen with plans filed December 31, 2015 and permitted October 18, 2018.

The majority, or 76 percent of the 125,540 square feet of built space are mixed-use buildings, with retail buildings next occupying 17 percent of the space.

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